Korea recently pulled through an economic storm that began in late 1997. This crisis, which roiled markets all across Asia, had threatened Korea's remarkable economic achievements

Korea, once known to be one of the world's poorest agrarian societies, has undertaken economic development in earnest since 1962. In less than four decades, it achieved what has become known as the "Miracle on the Hangang River" - an incredible process that dramatically transformed the Korean economy while marking a turning point in Korea's history.

With a history as one of the fastest growing economies in the world, Korea is working to become the focal point of a powerful Asian economic bloc during the 21st century

In dollar terms, import prices grew 18.7 percent in January, with export prices gaining 3.5 percent, the BOK said.

The local currency fell 0.8 percent against the greenback in January from a month earlier. The price of Dubai crude, Korea’s benchmark, jumped 69 percent in January compared to a year earlier. South Korea is the world’s fourth-largest crude buyer.Raw material costs surged 48.7 percent year-on-year mainly due to higher oil prices while the prices of intermediate goods rose 10.6 percent in January, the BOK said.